New Capitol Square Project Provides 103 Affordable Apartments
Published on September 14, 2022
Six-story development provides income-restricted units for a range of low- and moderate-income households
Denver’s Department of Housing Stability (HOST) today celebrated the grand opening of the Capitol Square Apartments, providing 103 income-restricted units one block from the Colorado State Capitol Building on the corner of 13th Ave. and Sherman St. Developed by Mile High Development and Brinshore Development, the six-story project totals 120,405 square feet and provides affordable units at a critical time.
“Projects like Capitol Square help ensure Denver remains affordable and accessible for future generations,” said Mayor Michael B. Hancock. “We’re proud to utilize Denver’s Affordable Housing Fund to help create 103 new, affordable homes for hard-working residents.”
Amenities include community space and fitness room at ground level, landscaped outdoor terrace/courtyard on the second floor, and indoor parking.
“We are proud to deliver more affordable housing in Denver,” said George Thorn, CEO of Mile High Development. “Income-restricted housing shouldn’t look or feel any different than market rate, and that’s exactly what we have produced at Capitol Square. Located steps away from Colorado’s lawmakers, this building sets a powerful example of the importance of high-quality affordable housing.”
All apartments are income restricted exclusively for households earning anywhere from 30% to up to 80% of the area median income (up to $62,600 for a single-person household). The building includes 73 one-bedroom units and 30 two-bedroom units.
The City and County of Denver provided $1,545,000 in financing from the Affordable Housing Fund toward the $33.9 million project. The project also received other public finance funds from the Colorado Department of Local Affairs and the Colorado Housing & Finance Authority.
The Colorado State Land Board has entered into a long-term lease with the developers, with lease proceeds supporting the Land Board’s mission to raise funds for education and the K-12 BEST program.
The Capitol Square Apartments is the latest city-supported affordable housing development to open in Denver. A total of 1,365 affordable units that have received city financing are currently under construction at 27 sites throughout Denver. An additional 513 income-restricted units are in the planning stage.